|By Marketwired .||
|January 23, 2014 02:51 PM EST||
COLCHESTER, VT -- (Marketwired) -- 01/23/14 -- As Vermont endures another cold snap, power prices in the region are escalating and Green Mountain Power is pleased that power from Kingdom Community Wind (KCW) continues to offset the high peak prices in the marketplace for Vermonters.
During the bitter cold in December, energy prices on the open market hit a high of 60 cents per kilowatthour. During that same period, KCW generated enough power for 16,500 homes from low-cost wind. This is part of Green Mountain Power's continued commitment to deliver reliable, low-cost energy to Vermonters, and Kingdom Community Wind is a key initiative.
Another important commitment made at Green Mountain Power was to give back to surrounding communities by sharing with them the benefits of this project through the Good Neighbor Fund. "We are so pleased to announce that thanks to the strong power generation at the Kingdom Community Wind Farm, five Northeast Kingdom towns will receive more than $126,000 this month," GMP President and CEO Mary Powell said. "The Good Neighbor Fund is an innovative approach by Green Mountain Power to offer direct value to neighboring towns."
Jacques Couture, owner of Couture's Maple Shop/B&B and member of the Westfield selectboard said, "As a business owner and a selectboard member in Westfield, I really appreciate that Green Mountain Power has deemed it appropriate to create this fund as a gesture of goodwill to the local communities. I see the windmills from my kitchen window every day and I love it. I love that they are generating local power. My guests at the B&B love watching the turbines -- I've never heard a negative comment."
Good Neighbor payments are being made today to Albany, which will receive $41,262, Eden $45,711, Craftsbury $19,986, and Westfield and Irasburg, each of which will receive $10,000. The Good Neighbor Fund provides benefits to the five towns within five miles of the project, based on the amount of power produced.
The communities will continue to get Good Neighbor payments for the first ten years the plant operates. Kingdom Community Wind began generating power in November 2012.
Green Mountain Power built the 21-turbine project on Lowell Mountain, which is located in Vermont Electric Co-op's (VEC) service territory. VEC worked closely with GMP to support the project and is purchasing power generated by KCW. "It is important for us to deliver highly competitively priced power to VEC's 32,000 member-owners. We have been pleased to join with GMP on Kingdom Community Wind to do so," said Dave Hallquist, CEO at VEC.
Kingdom Community Wind continues to provide tremendous value for customers, especially during times of fluctuating energy prices. Projects like KCW are helping GMP hold base rates flat for customers for the next two years. In the last three months, the energy produced at Lowell has exceeded projections.
"GMP customers consistently tell us they expect clean, green, cost-effective energy. We are so proud to be able to deliver on that and at the same time keep costs down, maintain world-class customer service, and provide ongoing support to these five towns," Powell said.
About Green Mountain Power
Green Mountain Power (www.greenmountainpower.com) generates, transmits, distributes and sells electricity in the state of Vermont. The company, which serves more than 250,000 customers, is the Solar Electric Power Association's 2013 Utility of the Year, and has set its vision to be the best small company in America.